Make sure you have enough saved up not only for the down payment but also closing cost, plus some reserve in bank accounts or in other investment accounts!

Additionally I want to keep reserves for small cosmetic Renovations as needed.

As you add more notes, you don't need reserves like that for each note, but that depends too on the type of note, a good performing note won't need the reserves of a NPN requiring modification of foreclosure actions.Well, that's enough.

A question for everyone viewing the post: Would you consider HELOCs as a conditional strategy only reserved for ' great cash-flowing ' deals?

Does anyone have any excel/spreadsheet templates they use for organization and having a place where you store that budgeting and timeline information?

.: @Jonathan GreeneDo you know how Auction.com set the reserve price if property owned by FreddieMac ?

Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum.

Would your rental income cover all of that, and if not would you have reserves on hand to handle that?

It's hard to speak in such broad terms - one man's "cashflow" is another man's vacancy reserve, so whether you can pull it off or not will be somewhat determined by how optimistic you're willing to be.

Interest is 18%.for a total of 30.5k in debt.current financial status:1k emergency fund.1k in reserves outside of that.6 month plan:I'm going to japan in march with my sister so i'm currently reserving my money to do cool things in japan as it was my personal incentive to get my *** into gear and get my life together.after that trip i'm planning to tackle my debt in order of highest interest rate to lowest interest rate.I believe i can comfortable put 2500 a month into my finances. so i expect to be able to be debt free roughly a year from march.After that: im planning on parking my money into the smp 500 to help it grow until i have enough money for a downpayment on a duplex to a quadplex and doing the houshacking strategy yall talk about.